THE CORPORATION OF THE CITY OF PORT COQUITLAM

BYLAW NO. 2284

A Bylaw to authorize temporary borrowings
pending the sale of debentures. MAY 9
2 1987

WHEREAS it Is provided by Section 342 of the "Municipal Act" that the Counci|
may, where it has adopted 4 loan authorization bylaw, without further assents or
approvals, borrow temporarily from any person under the conditions therein set out;

AND WHEREAS the Council has adopted Bylaw No. 2283, cited as the "Citadel
Heights and Mary Hill Water Loan Improvements Authorization Bylaw, 1987, No. 2283"
authorizing the construction of a water system pumping station in the amount of

$500,000.00;

AND WHEREAS the issuance of debentures has been temporarily deferred;

NOW THEREFORE, the Municipal Council of The Corporation of the City of Port
Coquitiam, in open meeting assembled, enacts as follows:

1. The Council is nereby authorized and empowered to borrow from Genstar
Corporation an amount or amounts not exceeding the sum of $500,000.00, as The same may
be required, without interest.

Zo The form of obligation to be given as acknowledgement of the liability shall be
a promissory note or notes bearing the corporate seal and signed by the Mayor and

Treasurer.

3. The money so borrowed shall be used solely for the purposes set out in said
Bylaw No. 2283.

4. The proceeds from the sale of debentures, or so much thereof as may be necessary,
shall be used to repay the money so borrowed.

5 This bylaw may be cited for all purposes as the "Water Pump Station Temporary Loan
Bylaw, 1987, No. 2284",

Read a first time by the Municipal Council this 25th day of May, 1987.

Read a second time by the Municipal Council this 25th day of May, 1987.
Read a third time by the MUnicipal Counci! this 25th day of May, 1987.

Reconsidered, finally passed and adopted by a vote in favour thereof of at least Two-

thirds (2/5) of all the members of The Municipal Council of The Corporation of the

City of Port Coquitlam this day of , 1987.

City Clerk.
FIRST THREE READINGS

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